MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	MUTHA FOUNDERS PRIVATE LIMITED
Registered Office :	121, Vithalwadi, Kalbadevi Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1984
Com. Reg. No.:	25-034868
Capital Investment / Paid-up Capital :	Rs.4.352 Millions
CIN No.: [Company Identification No.]	U34300MH1984PTC034868
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22704D
PAN No.: [Permanent Account No.]	AAACM3091N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cast Iron Air Cooled Cylinder Blocks, Liners, Barells, Manifolds, Brake Drums, Rotor Disc Crankcase for Refrigeration and other Castings for Automobile Industry and S.G. Iron Castings.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terns and conditions. Profit and Loss of the company is not available.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE.

Contact No.: 91-22-22429720

LOCATIONS

Registered Office :	121, Vithalwadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22429720
Fax No.:	Not Available
E-Mail :	mfpl@muthagroup.com
Factory :	L-7, Additional MIDC, P.O. Kodoli, Satara – 415004, Maharashtra, India
Tel. No.:	91-216-244501/ 245081
Fax No.:	91-216-244246/ 245170

DIRECTORS

(AS ON 29.09.2011)

Name :	Mr. Ajit Zankarmal Mutha
Designation :	Managing Director
Address :	489, Shantibhavan Sadarbazar, Camp, Satara - 415001, Maharashtra, India
Date of Birth/Age :	23.10.1949
Date of Appointment :	21.12.1984
DIN No.:	00113841
Name :	Mrs. Pramila Ajit Mutha
Designation :	Director
Address :	489, Shantibhavan Sadarbazar, Camp, Satara - 415001, Maharashtra, India
Date of Birth/Age :	01.04.1960
Date of Appointment :	31.07.1994
DIN No.:	00539289
Name :	Mr. Abhay Zankarmal Mutha
Designation :	Director
Address :	617, Vishwamahal, C Road, Chutchgate, Mumbai - 400020, Maharashtra, India
Date of Birth/Age :	10.12.1954
Date of Appointment :	05.01.2002
DIN No.:	01719220
Name :	Mr. Anoop Ajit Mutha
Designation :	Director
Address :	489, Shantibhavan Sadarbazar, Camp, Satara - 415001, Maharashtra, India
Date of Birth/Age :	14.06.1983
Date of Appointment :	29.09.2010
DIN No.:	02463820

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Abhay Zankarmal Mutha	900
Ajit Zankarmal Mutha	30387
Dhanraj Laxminaryan Lahoti	2100
Deepak Dhanraj Lahoti	2202
Kantabai Dhanraj Lahoti	380
Meena Abhay Mutha	900
Mutha Engineering Private Limited, India	5265
Pramod Dhanraj Lahoti	455
Neeta Deepak Lahoti	337
Sanjay Dhanraj Lahoti	365
Manohar Hanumant Raibagi	15
Sadhana Pramod Lahoti	218
Total	43524

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	12.10
Directors or relatives of directors	73.95
Other top fifty shareholders	13.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cast Iron Air Cooled Cylinder Blocks, Liners, Barells, Manifolds, Brake Drums, Rotor Disc Crankcase for Refrigeration and other Castings for Automobile Industry and S.G. Iron Castings.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Karad Urban Co-operative Bank Limited

· State Bank of India

· IDBI Bank

· Axis Bank

· Bank of India

· The Cosmos Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Karad Urban Co-operative Bank Limited, Satara C.C A/c. 162	13.559	8.993
SBI factors and Commercial Services Pune. A/c 0017	23.175	11.299
SBI Factors and Commercial Services Pune. A/c 0039	0.000	15.974
SBI Factors PBF Loan A/c No. 174	29.754	10.362
Mahindra Tractor and Trolleys A/c No 772	0.573	0.000
Skoda Car A/c No 796	1.647	0.000
Bajaj Auto Preshipment Finance Facility A/c	9.231	0.000
Balaj Auto Finance Limited, Short Term Loan	0.000	8.193
Karad Urban Co-operative Bank Satara – Term Loan
- A/c No.25/175 Plant and Machinery	4.684	7.503
- A/c No.25/204	4.217	5.731
- A/c No.25/212, 23.000 Millions	19.665	0.000
- A/c No.185	2.738	5.221
- A/c No.25/196	4.456	9.264
- A/c No.143 Land and Building	0.000	0.256
Total	113.699	82.796
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Deposits/ Loans
Mrs. Pramila Ajit Mutha, Deposit A/c (Director)	0.719	0.643
Other Term Liabilities
S. Tax Liability deferred PSGI – 88	0.960	1.924
S. Tax Liability deferred PSGI – 93	5.169	5.189
Total	6.848	7.756

Banking Relations :	--
Financial Institutions :	· SBI Factors and Commercial Services Private Limited 61, Sakhar Bhavan, 6th Floor, Nariman Point, Through Its Pune Branch, Tara Chambers, Wakdewadi, Mumbai - 400021, Maharashtra, India · Bajaj Finance Limited 4th Floor, Bajaj Finserv Corporate Office, Off. Pune- Ahmednagar Road, Viman Nagar, Pune – 411014, Maharashtra, India
Auditors :
Name :	Sudhakar Kulkarni and Company Chartered Accountant
Address :	316, Guruwar Peth, Near Shirke Wada, Satara – 415002, Maharashtra, India
Tel No.:	91-2162-234115
PAN No.:	ACJPK9681N

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
94000	Equity Shares	Rs.100/- each	Rs.9.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43524	Equity Shares	Rs.100/- each	Rs.4.352 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
46000	Equity Shares	Rs.100/- each	Rs.4.600 Millions
4000	6% Redeemable Preference Shares	Rs.100/- each	Rs.0.400 Millions
	Total		Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43524	Equity Shares	Rs.100/- each	Rs.4.352 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.352	4.352
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		102.060	95.270
4] (Accumulated Losses)		0.000	0.000
NETWORTH		106.412	99.622
LOAN FUNDS
1] Secured Loans		113.699	82.796
2] Unsecured Loans		6.848	7.756
TOTAL BORROWING		120.547	90.552
DEFERRED TAX LIABILITIES		2.546	1.328
TOTAL		229.505	191.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.443	85.245
Capital work-in-progress		7.579	2.200
INVESTMENT		1.857	1.851
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.574	35.734
	Sundry Debtors	153.592	122.046
	Cash & Bank Balances	14.343	14.725
	Other Current Assets	0.000	0.000
	Loans & Advances	15.392	15.692
Total Current Assets		221.901	188.197
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	82.748	69.626
	Other Current Liabilities	11.677	9.409
	Provisions	3.850	6.956
Total Current Liabilities		98.275	85.991
Net Current Assets		123.626	102.206
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		229.505	191.502

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	2.06	1.77
Current Ratio (Current Asset/Current Liability)	2.26	2.19

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- Due to SME Undertakings	13.513	21.831
- Other Sundry Creditors	69.235	47.795
Total	82.748	69.626

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U34300MH1984PTC034868
Name of the company	MUTHA FOUNDERS PVT LTD
Address of the registered office or of the principal place of business in India of the company	121 Vithalwadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India mfpl@muthagroup.com
Type of charge	Movable Property
Particular of charge holder	Bajaj Finance Limited 4th Floor, Bajaj Finserv Corporate Office, Off. Pune- Ahmednagar Road, Viman Nagar, Pune – 411014, Maharashtra, India samir.mehta@bajajfinserv.in
Nature of description of the instrument creating or modifying the charge	Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	19.09.2011
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Lender. Terms of Repayment As agreed by and with the Lender. Margin As applicable, if any. Extent and Operation of the charge The Lender is having first and exclusive charge on the security given by the Company,
Short particulars of the property charged	First and exclusive charge on list of movable assets (machines), acquired/ to be acquired through finance of Term Loan from Lender.

FIXED ASSETS:

· Land

· Office Building

· Office Equipments

· Electrification

· Furniture

· Vehicle- Scooter, Car

· Plant and Machinery

· Tools and Equipments

· Laboratory Equipments

· Patterns and Dies

· Computer and Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.6743

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.